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《大行報告》高盛:永利澳門(01128.HK)季績符預期 優越中場復蘇較強勁
阿思達克 11-06 14:33
高盛發表研究報告指,永利澳門(01128.HK)第三季業績基本符合預期,物業EBITDA虧損收窄至1.12億美元,少於次季的1.94億美元虧損,主要由於自7月以來進一步控制成本開支,每日運營支出由第二季的220萬美元,降至約200萬美元。

該行表示,經調整贏率(win rate)後,集團EBITDA虧損為1.09億美元,換言之7月至9月虧損分別錄4,600萬、4,000萬及2,600萬美元,預期受惠於當地旅遊業復甦及十一黃金周的賭收表現,10月份將轉盈,錄EBITDA約600萬美元。

永利管理層認為需求恢復強勁,10月賭收回升至去年第四季水平約35%,並估計貴賓廳轉碼數正溫和回升至約30%。他們承認,中介市場可能會進一步整合,使澳門的貴賓博彩總收入在中期難以完全恢復。積極的一面是,他們注意到兩處物業的優越中場都有強勁增長,而沒有互相蠶食情況。

高盛因此將今年EBITDA預測上調11.1%,將2021至2022年EBITDA下調0.2%,維持目標價14.2元及「中性」評級。

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